Facebook IPO Hitting in Late May

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Facebook‘s long-awaited IPO is likely to come in late May, according to a report.

Citing “multiple sources,” All Things D reports that the social networking giant will offer shares to the general public during the third week of May. That means Facebook has to file its documents with the SEC within a month since a review by the agency usually takes three to four months, the site reports.

However, the report also warns that the timing could fluctuate. “This IPO planning could all change in a New York minute to another month.” Indeed, after the market’s gyrations over the summer of 2011, IPO dates forGroupon and Zynga became moving targets as the companies sought favorable conditions.

The timing of Facebook’s IPO has been a source of speculation for the past few months since the $100 billion offering will likely be one of the 10 biggest IPOs of all time and the largest of any tech company. In November,The Wall Street Journal, which, like All Things D, is owned by Dow Jones & Co., reported that Facebook would go public sometime between April and June.

Yelp, which is planning its own $100 million IPO sometime this year, will undoubtedly be closely watching the timing around a purported Facebook IPO with vigor.